HK shares reverse gains, China plays weak on Wen's comments

HONG KONG, March 14 (Reuters) - Hong Kong shares reversed gains at midday on Wednesday, dragged by China plays after Premier Wen Jiabao doused expectations for any near-term policy easing, warning that letting up on regulation now would risk chaos in the housing market.

The Hang Seng Index was down 0.1 percent at 21,319.2 at 0729 GMT, reversing a midday gain of 1.3 percent. The China Enterprises Index was down 0.5 percent, with financials and oil majors the top drags.

The Shanghai Composite Index reversed 0.7 percent midday gains to finish down 2.6 percent, with the property sector among the hardest hit. (Reporting by Clement Tan; Editing by Chris Lewis)